Customer relationship management software provider Salesforce and payment technology provider First Data have backed a $11.2m series A round for US-based student loan repayment platform FutureFuel.io.
Venture capital firm Rethink Impact led the round, which included SixThirty, The Impact Engine, Vulcan Capital, Breton Capital, G9 Ventures and Reach Capital, while Salesforce took part through its corporate venturing unit, Salesforce Ventures.
Founded in 2016, FutureFuel has developed a software platform that helps employees manage and pay back their student loans, allowing employers to help them pay off debt in the form of an employee benefit.
The platform also collects the user’s spare change based on their spending habits in order to automatically contribute to the debt, and offers a personalised planning tool, educational content and a refinancing marketplace it claims can help users save an average of $19,000 over the life of their loan.
FutureFuel has not disclosed any previous funding rounds but said the series A increased its overall funding to $15.7m.
Laurel Taylor, FutureFuel’s founder, said: “Salesforce has written the playbook on the software as a service model. Salesforce will be an invaluable resource to FutureFuel.io as we perfect our go to market strategy with distribution channels and employers direct.
“First Data, global leader in financial services technology, offers industrial strength to the core infrastructure and services FutureFuel.io provides.”